Published On : 07/31/2023

Manchester United renews Adidas partnership in $1.1 billion 10-yr deal

(Reuters) -Manchester United on Monday renewed the soccer club’s partnership with official kit supplier Adidas for 10 more years and a minimum cash guarantee of 900 million pounds ($1.16 billion).

The new deal, ahead of the 2023/24 Premier League season starting next month, will continue the partnership until June 2035, the club said.

Manchester United will return to the lucrative Champions League this year. Last month the 20-times English champions raised their annual forecast.

According to the company’s latest annual report, the original agreement with Adidas links a part of the yearly payments to the club’s participation in the Champions League.

A failure by the club to play in the Champions league for two more consecutive seasons reduces its annual payments by 30% of the applicable amount, according to the deal.

United is still in talks to sell itself after American owners, the Glazer family, launched a formal sale process late last year.

($1 = 0.7779 pounds)

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Sherry Jacob-Phillips and Nivedita Bhattacharjee)

Wanda Rich

Wanda Rich has been the Editor-in-Chief of Global Banking & Finance Review since 2011, playing a pivotal role in shaping the publication’s content and direction. Under her leadership, the magazine has expanded its global reach and established itself as a trusted source of information and analysis across various financial sectors. She is known for conducting exclusive interviews with industry leaders and oversees the Global Banking & Finance Awards, which recognize innovation and leadership in finance. In addition to Global Banking & Finance Review, Wanda also serves as editor for numerous other platforms, including Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.